Foundation

Read

A British charity has agreed to repay millions of dollars it received from FTX, condemning fraud underlying Sam Bankman-Fried’s conviction.
Effective Ventures, a British <a href="https://crypto.news/tag/charity/" target="_blank" rel="noopener noreferrer nofollow">charity</a>, has entered an agreement to reimburse $26.8 million to the <a href="https://crypto.news/tag/ftx/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> bankruptcy estate, condemning the fraud linked to <a href="https://crypto.news/tag/sam-bankman-fried/" target="_blank" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a>‘s conviction, according to a <a href="https://www.civilsociety.co.uk/news/charity-agrees-to-repay-millions-to-failed-us-crypto-platforms-estate.html" target="_blank" rel="noopener noreferrer nofollow">report</a> from Civil Society.
The non-profit supporting effective altruism will settle with the defunct crypto exchange, repaying millions in donations received from FTX. A spokesperson for Effective Ventures says the amount is “equal to the entire amount which EV UK received from FTX and the FTX Foundation during 2022,” highlighting that EV’s projects can now fundraise with confidence, avoiding the use of donations to cover the settlement.
<blockquote class="wp-block-quote">
 “This means that EV’s projects can continue to fundraise with confidence that donations won’t be used to cover the cost of this settlement. We strongly condemn fraud and the actions underlying Sam Bankman-Fried’s conviction.”
 Zachary Robinson, interim chief executive officer of EV US
</blockquote>
You might also like: <a href="https://crypto.news/ftx-saga-what-happened-to-ftx/" rel="noopener noreferrer nofollow"> FTX saga: what happened to FTX and Sam Bankman-Fried in 2023 </a>
Robinson condemned fraud and the actions leading to Bankman-Fried’s conviction. Civil Society noted that an investigation into the relationship between FTX and EV found no evidence that anyone at EV knew that FTX co-founder Sam Bankman-Fried had committed criminal fraud.
The FTX founder had contributed to financing the Oxford-based Centre for Effective Altruism, now Effective Ventures, serving in roles such as treasurer and board member at the center’s U.S. branch between 2013 and 2015. Sam Bankman-Fried has been convicted for his involvement in the downfall of the FTX crypto exchange after jurors reached a verdict, finding him guilty of seven counts of fraud and conspiracy.
Read more: <a href="https://crypto.news/sam-bankman-frieds-parents-seeking-dismissal-of-ftx-lawsuit/" rel="noopener noreferrer nofollow"> Sam Bankman-Fried’s parents seeking dismissal of FTX lawsuit </a>

FTX-backed charity returns $27m following Bankman-Fried’s fraud revelation

crypto.news

Other articles published on Jan 31, 2024

Germany Seizes 50,000 Bitcoins Worth $2.17 Billion in Unprecedented Operation

OpenSea CEO Open-Minded About Acquisition Deals

RPL Price Prediction: RPL Consolidates Near $30, What’s Next?

Bitcoin ETFs surge with $247m inflow as BTC nears $44k again

Legal Hurdles for Crypto Investors Despite ETF Approvals

Bitcoin Exchange Binance Announced the Addition of Many New Altcoin Trading Pairs to its Futures ...

Join our free newsletter for daily crypto updates!